1998 (3) TMI 48 - HC - Income Tax

Summary

The High Court of Madras ruled that interest receipts from fixed deposits held in banks cannot be considered as profits derived from an industrial undertaking for the purpose of section 80HH of the Income-tax Act, 1961. The decision was based on a previous ruling and was in favor of the Revenue and against the assessee for the assessment years 1976-77, 1978-79, 1979-80, and 1980-81. No costs were awarded.